Dubai's Emaar posts first-half profits, announces new IPO

DUBAI: Dubai developer Emaar Properties has posted USD 772 million in net profits for the first half of 2017 and laid out plans to spin off its domestic real estate business.

Emaar Properties, which trades on the Dubai stock exchange, said today it plans to list up to 30 per cent of its real estate business in the United Arab Emirates, with the funds primarily being distributed as dividends to existing shareholders. The company's retail business, Emaar Malls, already publicly trades.

The developer says revenue reached USD 2.1 billion, an increase of 8 % over the same period in 2016, while profits were up 15 %.

Emaar is behind projects like the world's tallest skyscraper, the Burj Khalifa, and is active in Egypt, Turkey and India.

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.